Emmis begins 'Dutch Auction' tender for Class A stock

MikeMaynard

WASHINGTON (MarketWatch) -- Emmis Communications Corp.
EMMS, -0.28%
said it's kicked off a "Dutch Auction" tender offer under which the radio and television operator will buy up to 20.25 million Class A common shares. The price range on the tender has been set at $17.25 to $19.75 per share; Emmis stock closed Friday's trading at $17.99, off 2 cents. The shares to be purchased represent about 39% of the Class A shares currently outstanding. Emmis said it will finance the purchases via new borrowings under its existing credit facility as well as new debt financing. The tender will expire at midnight Eastern time on June 13, unless extended.

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